Singapore has been a trusted gateway for modern services and IMDA looks to work with sector leads to address the emerging Asian market and facilitate innovation in verticals such as financial services and professional services; as well as horizontals.

The modern services sector is undergoing significant changes including business models that have arisen due to rapid technology advances and customer needs. Such changes bring opportunities to bring positive gains for the economy and companies, as well as creating high value jobs.

We aim to achieve this through equal partnerships with industry and regulatory stakeholders on impactful initiatives for the sector.

To create an environment where innovative technologies are used to solve business problems, we have put in place several programmes to facilitate innovation to address both local and global needs.

Financial Services

IMDA supports various financial services initiatives and works with industry players and agencies to promote deployment and adoption of innovative, user friendly and viable digital payment solutions which give added benefits and convenience to businesses and users. IMDA was Co-Chair of the SGQR initiative which developed the world’s first unified payment QR code system.

Professional Services

IMDA aims to drive technology innovation in industries such as accountancy and the legal sector. These initiatives aim to enhance the ability of professional services to be delivered through the digital advancement of providers of these services together with the development of new channels for the delivery.

Cross sectoral solution

IMDA aims to drive integration of digital technology in horizontal solutions which can benefit multiple sectors.

One such initiative is the Nation-wide E-Invoicing Framework. Through this initiative, IMDA seeks to enable widespread efficiency gains across businesses through the automated creation, processing and exchange of structured business documents across a nationwide delivery network.

Nationwide E-Invoicing Initiative

Nationwide E-Invoicing Initiative

Get paid faster with a nationwide framework that enables businesses to move from paper to e-invoices. Expect faster payment cycles, thanks to verification and validation that do not have to repeat every time an invoice is created.

Business sans Borders – Trade Without Barriers Initiative
Digital Solutions

Business sans Borders – Trade Without Barriers Initiative

BSB is a global initiative to create an open connector of business platforms, trade associations, government bodies and service providers for the benefit of SMEs. By connecting domestic and international platforms, BSB seeks to improve trade discovery and opportunities between buyers, sellers and solution partners.

Last updated on: 26 Oct 2022